Slow broadband is damaging London’s City, MPs warned

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The lack of ultra-fast broadband in London’s financial centre could “damage” the capital’s world-class status, MPs have been warned.

Local authority the City of London Corporation has told the influential Business, Innovation and Skills select committee that more than 9000 businesses in the Square Mile are running on slow, dated broadband connections.

The corporation cited “deep concern” that the lack of high-speed internet is damaging the City’s reputation.

It said: “Leased lines are prohibitively expensive for many small companies, leaving them struggling on copper ADSL lines with slow speeds and unreliable connectivity.”

Corporation officials have made only “limited progress” in trying to improve the situation during recent meetings with broadband providers.

They also claimed City firms are concerned about the lack of digital skills among employees.

Evidence from the corporation and mobile network operator EE will form part of an inquiry into the digital economy set up by committee chairman and Labour MP Iain Wright.